President Nayib Bukele of El Salvador unveiled a historic bill, pushing Bitcoin into the national spotlight as legal tender. This decision marked El Salvador as the first nation globally to embrace Bitcoin as an official currency.
The announcement took center stage at the Bitcoin 2021 Miami conference, where President Bukele shared his vision. Subsequently, on September 7, 2021, the legislation came into effect, officially endorsing Bitcoin as a recognized legal tender within the country’s borders. Today, El Salvador celebrates two years since this historic turning point.
El Salvador’s pro-bitcoin moves over the last two years
According to Bukele, the primary objective behind making Bitcoin legal tender was to bolster the well-being of both the nation and its citizens. A staggering 70% of Salvadorans lack access to traditional banking services. By adopting Bitcoin, Bukele aimed to bridge this financial divide.
In a continued show of support for cryptocurrencies, President Nayib Bukele announced a significant step forward. Starting November 18, 2022, the government committed to purchasing one bitcoin daily.
El Salvador’s commitment to embracing digital assets extended further when, on January 11, 2023, it passed a notable law. This legislation established a comprehensive legal framework for all cryptocurrencies, not just Bitcoin.
This legislative milestone emphasized the country’s dedication to innovation, declaring that it would build on its “first-mover advantage” by providing legal guidance for a broader spectrum of digital assets.
Also read: El Salvador Makes a Bold Move to Teach Bitcoin in Schools by 2024
In one of its recent moves, El Salvador’s Ministry of Education partnered with the non-profit organization “Mi Primer Bitcoin” (MPB). Together, they embarked on a mission to integrate Bitcoin education into the public school curriculum by 2024. This forward-thinking endeavor aimed to equip the nation’s youth with the knowledge and skills required to embrace the digital currency revolution, ensuring a brighter future for El Salvador.
El Salvador’s journey with Bitcoin has been nothing short of remarkable. From being the first nation to adopt Bitcoin as legal tender to extending its embrace to a wide range of digital assets, the country’s commitment to innovation and financial inclusion remains steadfast.